So you have and Idea. You think you can do something that can make a difference while creating value for your self and other.
Questions to ask Yourself:
A. Is this Idea a business or a Social Cause?
If your idea has no way of making money at least for the next 5 years then its not a business. It may be a good cause and you
can get a couple of volunteers to get excited and work on it in their spare time. But ITS NOT A BUSINESS IF IT CANNOT MAKE
MONEY. yes all caps were required. Its ok to work on a cause. But dont tell yourself that you are running a business if your arent.
1. A nice widget that will help you post to any networking site great cause. No way to make money from it ? not a business,
2. Selling exotic pancakes for a buck more. Makes people happy but its not for free. You make money from it ? could be a business
B. Can your Idea Grow. Or is is destined to be a dwarf
So you may still be in your room with nothing more than a vague idea. But fast forward a few years. How will this idea evolve. Some
ideas are so specific in nature that they may not be able to grow big. Example: A Pet Store could be a good lifestyle business. But unless
you have something really unique that other pet stores dont, the idea may not grow very big. So speak to there people , and discuss them why
your idea can grow. Discussions help you identify opportunities and pitfalls that you overlook yourself.
C. Are you in love with the Idea enough to take the Plunge.
Lets face it Rome was not built in a day and niether will your startup. You will have to stick with it over the next few years through the thick and thin.
You will face a thousand people you think it will not work . And some time you will question yourself if its going to work or not. Do you love it enough?
D. It all seems right but Wait. Lets do the numbers
A business plan is your next step. The business plan is essential for helping you think through the idea . It is more required for your understanding
than for anyone else. Before you begin the business evaluation set your objective. The purpose of evaluation is to figure out if the idea can become
a good business . Your job is to get enough data to help you evaluate. If you idea is not a good business then try to make it a good business by
rethinking the idea. If it still does not work then it can still be done as a hobby right? . So be very objective . Dont get emotional.